Former senator Herb Kohl, who has owned the team since 1985, announced Wednesday in Milwaukee that he had signed an agreement to sell the team for $550million to Wesley Edens and Marc Lasry, two wealthy hedge-fund investors based in New York.

Lasry, whom Silver said he has known for many years, holds a small stake in the Brooklyn Nets. Lasry plans to divest his holdings in the Nets.

The Bucks struggled this season, finishing a league worst 15-67, but they will not move to a new city, according to Silver. "I know that Senator Kohl put in place provisions to ensure that the team stays in Milwaukee," he said.

Kohl and the Edens/Lasry team have each pledged $100million to help build a new arena for the Bucks, who play at the BMO Harris Bradley Center, which opened in 1988. Silver called Kohl's contribution "historic and unprecedented," and said owners gave the senator a round of applause during a league meeting.

The Bucks must meet a league-mandated 2017 deadline for building a new arena, which will likely cost at least $400 million. Silver said there have been no discussions with the Bucks to extend that time frame. Bucks officials have said the same thing.

Silver also explained that the league needs to review the sales agreement and run background checks on the new owners before it can vote on the sale.

Final approval Friday was not expected. Kohl told the Journal Sentinel that final approval would not occur at this week's meetings.

Don Walker of the Journal Sentinel staff contributed to this report from Milwaukee.